House of Representatives Public Account Committee yesterday summons the Managing Director of Nigeria Sovereign Investment Authority and heads of 11 affiliate companies.
They are to appear on December 12 to explain the management of multi-billion public funds meant for the provision of affordable homes for low-income earners in Nigeria.
The invitation was aimed at revisiting the Auditor-General for the Federation’s annual report on the management of resources for the provision of affordable/social homes in Nigeria by Family Homes Fund Limited.
The committee, had during an investigative hearing, requested relevant approvals from the Minister of Finance, Budget and National Planning, Zainab Ahmed, authorizing NSIA to grant N1.5bn loan to Family Homes on an interest-free basis.
According to the audit report, the total capital funding of Family Homes between 2018 and 2020 stands at N65bn paid by Federal Ministry of Finance, Budget and National Planning.
It said the amount represents 13 percent of the N500bn seed capital promised by the government for provision of affordable homes for low-income earners in the country.